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8:46 م الخميس ان الريل myelearning.shct.edu.om Problem: The balance sheet of A, B and C who were sharing profits in the ratio of 8:6:4 is given below as on March 31 2017. Liabilities OMR Assets OMR Capitals: Ashish 1,440,000 Suresh 830,000 Lokesh 690.000 Land 2,960,000 800,000 Building 760,000 Plant & Machinery 930,000 Furniture 154,000 Reserve 360,000 Stock 370,000 Creditors 248,000 Debtors 344,000 Outstanding expenses 32,000 Cash 242,000 3,600,000 3,600,000 B retires on the above date and the following adjustments are agreed upon his retirement. 1) Stock was valued at OMR 344,000. 2) Furniture and fittings were valued at OMR 160,000. 3) Plant and machinery was valued at OMR 910,000 4) An amount of OMR 10,000 due from a debtor, was doubtful and a provision for the same was required. the books 5) Goodwill of the firm was valued at OMR 4,00,000 but it was decided not to show goodwill of accounts. 6) B was paid OMR 80,000 immediately on retirement and the balance was transferred to his loan account. 7) A and C were to share future profits in the ratio of 6:4 Prepare Revaluation Account, Capital Account and Balance Sheet of the reconstituted firm.